Ghana’s local currency- the cedi opened the first week of February 2026 facing renewed pressure, as a significant disconnect emerged between official Bank of Ghana (BoG) rates and the retail prices offered at forex bureaus.
As of Monday, 2 February 2026, the BoG’s interbank foreign exchange market quoted the US dollar at a buying rate of GH¢10.94 and a selling rate of GH¢10.95.
While these official figures suggest a relatively stable and narrow spread, they represent a marginal depreciation from the GH¢10.88 recorded during the final week of January.
The data points to a widening premium in the informal or retail sector. Checks by Citi Business News show rates at forex bureaus are significantly higher.
The US dollar being bought at GH¢11.75 and sold at GH¢12.10.
This creates a substantial selling gap of GH¢1.15 between the Central Bank’s interbank rate by the Central Bank and the price available to the general public and small businesses at bureaus.
Such a disparity often indicates underlying liquidity constraints in the official market which forces buyers to seek currency through more expensive retail channels.
The development was not limited to the dollar. Analysis of other major currencies signals a similar pattern of divergence.
For the British Pound, the BoG interbank rate was quoted at GH¢15.01 (buying) and GH¢15.03 (selling).
In contrast, forex bureaus were selling the pound for as much as GH¢16.30, reflecting a premium of more than one cedi per pound.
On the interbank market, the euro traded at GH¢13.01 (selling), while bureau rates reached as high as GH¢14.30.
This early February volatility to a surge in demand for foreign currency. This is a recurring seasonal trend, as the beginning of a new financial year typically sees businesses ramping up import-related transactions, which places immediate stress on available forex reserves.
The Bank of Ghana is expected to maintain its market interventions to curb excessive volatility.
However, the near-term outlook for the local currency remains tied to several critical factors such as supply constraints where the elevated bureau rates suggest that current supply is failing to keep pace with the strong demand from importers.
The focus now for investors and businesses alike will be on whether the Bank of Ghana can narrow the spread between the interbank and bureau rates to provide a more predictable environment for trade.
